2015:Our Year in Review

LETTER FROM THE PRESIDENT AND CEO

This year, members of the Partnership stepped up to provide unprecedented business and civic leadership for New York City. As a result, the city has more jobs— 4.3 million—and greater economic output—$712 billion—than ever before.

Co-chairs Philippe P. Dauman and James P. Gorman have been an outstanding team. They played a critical role in helping the Partnership successfully navigate through mayoral transition and a period of significant political challenge.

Partnership leaders worked collaboratively with Governor Cuomo and Mayor de Blasio to achieve corporate tax reform, increase employer engagement with schools, and promote sound fiscal and economic policies in state and local government. Our Partnership Fund made catalytic investments in communities across the city and in the development of “innovation” industry clusters.

Largely due to our advocacy, the state enacted legislation that aligns the city and state’s corporate tax codes, making New York an easier and less expensive place to do business. With our support, the Mayor launched a Center for Youth Employment, which will expand workforce training and job opportunities for New York’s students. Following our sustained push for investment in transportation infrastructure, construction is set to begin on an overhaul of LaGuardia Airport and plans for a new Gateway tunnel under the Hudson and a more efficient MTA capital program are moving forward.

In 2016, with the leadership of James, and our new co-chair Stephen A. Schwarzman, the Partnership will continue to promote policies that encourage innovation, job creation, educational excellence and modernization of our public infrastructure.

Kathryn S. Wylde President and CEO

2015: OUR YEAR IN REVIEW 1

PARTNERSHIP EXPRESSES COMMITMENT TO A WELCOMING CITY

The Dec. 10 edition of The New York Times carried a full page expression of the New York business community’s commitment to an open and welcoming city.

2 PARTNERSHIP FOR NEW YORK CITY

Our Influence

The Partnership for New York City represents the city’s business leadership and its largest private sector employers. We work together with government, labor and the nonprofit sector to promote economic growth and maintain the city’s position as a global center of commerce and innovation.

Larry Fink and Philippe Dauman Kathryn Wylde, Governor Cuomo, and James Gorman

2015: OUR YEAR IN REVIEW 3

Source: Analysis by PricewaterhouseCoopers, Contributions of the Partnership for New York City Members to the New York City, State, and U.S. Economies, March 2015. Methodology available upon request

CONTRIBUTE

$254 billionTO THE GROSS STATE PRODUCT

EMPLOY

1.5 millionPEOPLE IN NEW YORK STATE

EMPLOY

839,000PEOPLE IN NEW YORK CITY

CONTRIBUTE

$158 billionTO THE GROSS CITY PRODUCT

OR

OR

24.1% OF THE TOTAL.

19.4% OF THE TOTAL.

PARTNERSHIP MEMBERS:

4 PARTNERSHIP FOR NEW YORK CITY

The Partnership held

100+meetings with leaders of government, business, labor, and civic sectors this year Jerry Speyer, Wilbur L. Ross, and Governor Cuomo

Our Reach

The Partnership Launched the Innovation CouncilA panel of industry experts and lawyers who are working to ensure that New York’s legal and regulatory environment keeps pace with the technological revolution that is transforming business and the economy.

Learn more at innovateinnyc.org

Kevin Ryan and Bob Greifeld

2015: OUR YEAR IN REVIEW 5

The Partnership Connects the Corporate, Financial, and Entrepreneurial Sectors

2010 2014

+29%High-Tech

20% ($145 billion)Financial Services

+4%Financial Services

4% ($30 billion)High-Tech

Percentage of City’s Economic OutputJob Growth

Silicon Alley has produced eight tech IPOs since 2012 worth

$5.7 billionat IPO

2014 FinTech investment in New York state was

$768 milliona 32% increase from 2013.

Source: Research and analysis by the Partnership for New York City; EMSI, 2015.

The convergence of Wall Street and Silicon Alley is one dimension of the tech revolution that is redefining the economy of New York.

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Our Work

KEY FINDINGS

Financial services supports

1 million jobsin New York City, and generates

More than ⅔ live in the five boroughs

Nearly ⅓ live in Brooklyn and Queens

Fewer financial services companieshave plans for expansion in New York City over the next three to five years compared to the last three years, largely due to regulatory pressures.

37% of the city’s economic output.

Source: At Risk: New York’s Future as the World Financial Capital, GLG and Partnership for New York City, 2015.

SNAPSHOT: Financial Services Workforce

The majority of New York City’s financial services employees are middle class.

Over half earn less than

$100,000 / year

REPORT

AT RISK: New York’s Future as the World Financial CapitalThe Partnership and GLG released the first comprehensive report on New York’s financial services industry since the 2008 financial crisis. New York City remains the headquarters of global finance, but actions are needed to address high costs, high taxes, aging infrastructure and a hostile political and regulatory climate that are leading the largest employers to move jobs and operations to lower cost locations.

2015: OUR YEAR IN REVIEW 7

Almost 99% of CTE schools cite the importance of work-based learning opportunities for pre- and post-graduation success.

Source: Career & Technical Education in NYC: A Comprehensive Survey, PwC and Partnership for New York City, 2015.

SURVEY

Career & Technical EducationThe Partnership worked with PwC to conduct the first comprehensive survey of New York City’s Career & Technical Education (CTE) high schools and the employers that work directly in those schools. The results of the survey provide a roadmap for reforms that will make CTE an even more powerful means for increasing college and career readiness of public high school students.

THE CHALLENGE

99%of CTE students do not get internships as part of their CTE experience.

1,575CTE students were placed in internships.

Despite the importance of work experience, only

758New York City employers (0.4%) participate in CTE programs, and less than half of those participants are private sector employers.

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Our Investments

We continue to successfully mobilize our investors’ resources—their money, time and influence— to create jobs, spur new business creation and to expand opportunities for all of the city’s residents and neighborhoods.

PORTFOLIO SINCE INCEPTION

$141.3 millionINVESTED IN

178COMPANIES AND PROJECTS

$47 million invested in women and minority-owned companies

$65 million invested in low-income communities or companies serving low-income populations

2015: OUR YEAR IN REVIEW 9

The Fund’s capital is enabling Citi Bike, an affordable, healthy, and eco-friendly transportation alternative to expand into under-served areas of the city:

Brooklyn • East Williamsburg• Greenpoint• Bed-Stuy

Queens• Long Island City

Upper Manhattan• East/West Harlem

A MAJOR COMMITMENT OF

$5 million TO EXPAND CITI BIKE

Since inception, the Fund has committed $40 million to spur the growth of NYC’s life sciences sector and Intra-Cellular Therapies, Inc. is an important success story.

In March 2015, the company completed a $120 million public offering to advance the development of its pipeline of drugs targeting schizophrenia, Parkinson’s and Alzheimer’s diseases, depression, and sleeping disorders. This is one of the Fund’s largest life sciences exits, with a return of nearly $12 million.

A MAJOR EXIT IN 2015: INTRACELLULAR THERAPIES, A RETURN OF NEARLY

$12 million

The Partnership for New York City’s mission is to engage the business community in efforts to advance the economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation. Through the Partnership Fund for New York City, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation.

pfnyc.org